“Insurance companies are already digital companies, just not very good ones,” Greenberg said in a speech before the events’ delegates. “But it varies vastly by company, just as the response by companies to transform themselves varies enormously.”

Greenberg further elaborated that Chubb’s aim is to become “a digitally integrated enterprise from top to bottom” within the next few years. He also said that while the change will not occur overnight, it is still happening.

He also identified a number of other trends insurance companies should keep an eye on (as listed by GCCapitalIdeas.com):

Technologies such as robotics, automation, and artificial intelligence will significantly change the face of insurance and make it less expensive for all, while improving speed and the relevance of the coverage to buyers.